FormFactor, Inc. Announces Cost Reduction Measures
June 16, 2010
LIVERMORE, Calif. — June 16, 2010— FormFactor, Inc. (Nasdaq: FORM) today announced cost reduction measures targeted to lower the company’s operating expenses. As part of this effort, the company will reduce its total workforce by approximately 8%. The reduction is one of several cost-saving actions being undertaken by FormFactor that are designed to help reduce the company’s quarterly non-GAAP operating expenses.
“The decision to eliminate jobs is a very difficult one, but we believe this action is crucial to our goal of simplifying the structure and getting back to basics,” said FormFactor’s Chief Executive Officer, Carl Everett. “Our priority remains serving our customers. We are working to streamline the organization and to improve our company-wide performance.”
FormFactor expects to incur approximately $5 million in restructuring charges related to the plan, which will be recorded in the second quarter of fiscal 2010.